Japan's preliminary GDP figures are expected in up 0.4% as Ben Bernanke gives a speech

European markets take centre stage on Wednesday, the UK's claimant count data is published, with the rate of unemployment scheduled to fall to 7.6% of the workforce. Industrial production for Europe is scheduled to fall by 0.2%. Later the BoE governor Carney delivers the bank's quarterly inflation report. Later on the German Bundesbank president Weidmann speaks and despite the German central bank not being in control of its money supply, or interest rate setting, the bank is still amongst the most respected banking institutions globally. The USA federal budget balance is scheduled to deliver what many may consider a rogue outlier number, predictions suggest a figure of -$103 billion will be published when last months' figure was a positive $73 billion. Later on in the late evening trading session we receive New Zealand's retail sales figures expected in at 0.9%. Thereafter Japan's preliminary GDP figure is expected to print at 0.4%. The Fed chairman Ben Bernanke gives a speech, whilst China reveals its percentage rise in foreign firms' investments and finally Japan delivers it's revised industrial prod ruins figures expected in at 1.5% up month on month. Looking towards the opening sessions on Wednesday the DJIA future is down 0.07%, SPX down 0.14% and the NASDAQ up 0.31%. European indices look weak; STOXX down 0.59%, DAX down 0.37%, CAC down 0.60% and UK FTSE down 0.14%. NYMEX WTI oil closed the day down 2.18% at $93.07 per barrel. NYMEX nat gas was up 2.01% on the day at $3.65 per therm. COMEX gold closed the day down 1.09% at $1267.20 per ounce with silver down 2.69% at $20.71 per ounce.http://blog.fxcc.com/market-analysis

Upwards scenario: Next barrier on the upside lie at 1.3456 (R1). Surpassing of this level might enable our initial target at 1.3484 (R2) and any further gains would then be limited to last resistive structure at 1.3510 (R3). Downwards scenario: On a slightly longer term we expect pullback formation. Risk of market depreciation is seen below the next support level at 1.3426 (S1). Clearance here would suggest lower targets at 1.3402 (S2) and 1.3374 (S3) in potential.

Upwards scenario: Possibility of market strengthening is seen above the resistance level at 1.5919 (R1). Clearance here is required to validate next interim target at 1.5938 (R2) and any further rise would then be targeting mark at 1.5962 (R3). Downwards scenario: Risk of market decline is seen below the next support level at 1.5888 (S1). Loss here might downgrade currency rate towards to the next supportive means at 1.5866 (S2) and 1.5848 (S3) in potential.

Upwards scenario: Next hurdle on the upside is seen at important technical level – 99.80 (R1). If the price manages to overcome it we expect further acceleration towards to our initial targets at 99.97 (R2) and 100.09 (R3). Downwards scenario: Any downside extension is limited now to the next support level at 99.47 (S1). Break here is required to open a route towards to next target at 99.32 (S2) and then any further easing would be targeting final support at 99.16 (S3).